Atkore Inc. (NYSE:ATKR) Position Increased by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. dramatically increased its stake in Atkore Inc. by approximately 29,230.4%, acquiring a total of 209,419 shares valued at around $12.56 million.
• Atkore recently reported $2.04 EPS for the quarter, exceeding analysts' estimates by $0.52, although its revenue declined by 11.5% compared to the same quarter last year.
• The company has declared a quarterly dividend of $0.33, equating to an annualized dividend of $1.32 and a yield of 1.7%, to be paid on August 29th.

Federated Hermes Inc. boosted its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 29,230.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 209,419 shares of the company's stock after purchasing an additional 208,705 shares during the period. Federated Hermes Inc. owned approximately 0.60% of Atkore worth $12,563,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ATKR. Norges Bank acquired a new stake in Atkore during the 4th quarter valued at $42,339,000. Wellington Management Group LLP grew its holdings in Atkore by 549.9% during the 4th quarter. Wellington Management Group LLP now owns 607,041 shares of the company's stock worth $50,658,000 after acquiring an additional 513,631 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Atkore by 1.3% during the 4th quarter. Alliancebernstein L.P. now owns 39,560 shares of the company's stock worth $3,301,000 after acquiring an additional 500 shares in the last quarter. Franklin Resources Inc. grew its holdings in Atkore by 31.8% during the 4th quarter. Franklin Resources Inc. now owns 31,957 shares of the company's stock worth $2,667,000 after acquiring an additional 7,710 shares in the last quarter. Finally, Bryce Point Capital LLC acquired a new position in Atkore during the 4th quarter worth $506,000.

Atkore Stock Performance

NYSE:ATKR traded down $1.25 during mid-day trading on Friday, hitting $75.77. The stock had a trading volume of 504,503 shares, compared to its average volume of 445,524. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 14.57 and a beta of 2.10. The company has a 50 day simple moving average of $71.50 and a 200-day simple moving average of $68.24. Atkore Inc. has a 52 week low of $49.92 and a 52 week high of $124.69. The company has a current ratio of 3.02, a quick ratio of 1.98 and a debt-to-equity ratio of 0.54.

Atkore (NYSE:ATKR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.52. The firm had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. Atkore had a net margin of 6.48% and a return on equity of 20.81%. Atkore's quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the firm posted $4.08 EPS. On average, research analysts expect that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $1.32 annualized dividend and a yield of 1.7%. Atkore's dividend payout ratio (DPR) is presently 25.38%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ATKR shares. Royal Bank Of Canada raised their price objective on shares of Atkore from $65.00 to $70.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Citigroup restated a "neutral" rating and issued a $80.00 price target (up from $70.00) on shares of Atkore in a research report on Monday, June 9th. Roth Capital set a $78.00 price target on shares of Atkore and gave the stock a "buy" rating in a research report on Wednesday, May 7th. KeyCorp raised their price target on shares of Atkore from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen upgraded shares of Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $79.57.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the firm's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the transaction, the insider owned 32,828 shares of the company's stock, valued at approximately $2,270,384.48. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.99% of the company's stock.

Atkore Company Profile

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.